ECB completes covered-bond purchase program

WilliamL. Watts

LONDON (MarketWatch) -- The European Central Bank on Wednesday said it completed its program to buy 60 billion euros ($73.3 billion) of covered bonds on the primary and secondary markets. The purchases began in July 2009 and were scheduled to be fully implemented by June 30. The program was one of the extraordinary measures utilized by the ECB to maintain liquidity in the wake of the financial crisis. The ECB said central banks in the Eurosystem intend to hold the purchased covered bonds until maturity. ECB data released Wednesday showed purchases had totaled 60.5 billion euros.

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